The Baltic Dry Index (BDI), a bellwether for global economic performance, risks falling to a record low, according to analysis from IHS Maritime & Trade.

"The BDI, whose plunge in 2008 preceded the Lehman collapse which triggered the global financial crisis, dropped to 564 on February 5 and is in course to fresh lows as fleet supply fails to keep up with demand," said the research note.

Japan's Big Three, MOL, NYK and "K" Line, are expected to maintain profits. This is because they have diverse shipping businesses, such as the transportation of containers, vehicles, LNG and LPG, said the IHS analysts.

The plunge in the BDI, they said, has also taken its toll on shipping companies with the February 3 bankruptcy of the Danish shipping company Copenship while others like Precious Shipping posted losses for 2014.

"Compounding the problem is the expectation of massive new building deliveries this year. IHS Maritime's Sea-Web.com's data shows 966 dry bulk carriers ranging in size from 20,000 dwt upwards would be delivered this year as shipowners rushed to order new ships in 2013 when the Baltic Dry Index rallied in the last two quarters of that year," it said.

"Shipowners and other investors who then saw a sustained recovery as bunker prices climbed higher succumbed to the much talked-about hype about fuel-efficient eco-ships. Those shipowners and investors thus speculated that these eco-ships would push the older vessels out of the market.

"However, the drop in bunker prices may now render these eco-ships moot as it is unlikely that older vessels would be demolished at a fast pace. The scrapping of old vessels is unlikely to bring any relief as scrap prices in South Asia, where most ship demolition is carried out, have fallen to below $400/ldt (light displacement tonne). This is discouraging shipowners from selling older tonnage for demolition," said the note.